I have the HF cylinder tank version compressor similar to the pancake. I have it tee off to two airbrush hoses. I run a moisture trap and a second regulator per airbrush hose.
I set the main built in regulator to double the pressure I will need, usually 30-40 psi and set the second to the psi I will be spraying at. This keeps any pressure surges or drops at bay as the compressor cycles on and off.
It is noisy but works great, delivers clean dry steady air. I have been running this setup for over 2 years with no issues. With a 20% off coupon I can buy 2-3 of these for every one name brand airbrush compressor.